Impending Reports to Point to Slowing Economy
RENEE MONTAGNE, host:
Our business news begins with a big week for judging economic growth.
Economists are expecting fairly benign reports this week on unemployment and inflation. A Bloomberg News poll predicts we'll find out more jobs were created last month than in July, a couple of signs that the subprime mortgage crisis isn't dragging down wider economic growth.
Still, several top analysts say the rising cost of credit is likely to prolong the worst housing recession in 16 years. Recent surveys show it's already hurt business and consumer confidence. Americans are buying fewer big items and economic pessimism can be self-fulfilling, making a full-blown recession even more likely.